View in browser | nytimes.com August 1, 2026 Good morning. Andrew here. Amid all the investor excitement around space, we’re tackling the bigger questions this morning: Who actually owns it, and how do the politics work? Peter Coy, a DealBook contributor, takes us inside the fierce battle over space treaties and airwaves regulation. Plus, Bernhard Warner has a story about the world’s oldest bank. And don’t forget to test your knowledge with this week’s quiz. (Was this newsletter forwarded to you? Sign up here. ) George Wylesol Space grab By Peter Coy Elon Musk’s SpaceX is working to grab invisible real estate: the radio spectrum that carries wireless signals. Its competitors are doing the same. That has set off a race that resembles the land rushes of the 19th century, except in the air. Radio spectrum cannot be legally owned. But as it has become more valuable, companies and governments have been jostling to control more of it. On Earth, competitors have heavil...